Smartsearch resources

Record growth at anti-money laundering firm SmartSearch

Record growth at anti-money laundering firm SmartSearch

Specialist anti-money laundering firm SmartSearch has reported record annual growth. The rapid expansion has been driven by a surge in demand for its industry-leading online identity verification and due diligence platform.

The Yorkshire-based company increased business by 23% during 2021, with turnover year-on-year rising from £11.8 million to £14.5 million. During that period, subscribers grew from 5,012 to 5,874., and the number of employees nearly doubled, increasing from 109 to 181.

Managing director Martin Cheek said: “These record results for 2021 come in the context of a 77% increase in turnover at SmartSearch over the past three years.

“This growth reflects a surge in demand for our state-of-the-art technology, especially from regulated companies, as they seek an effective solution to the dramatic rise in attempted fraud and money laundering since the outbreak of the COVID-19 pandemic.

“We are now focusing on building upon this growth, and SmartSearch’s strategy for moving the business forward will be driven by our new CEO Guy Harrison, who has joined us from Dow Jones.”

SmartSearch launched its award-winning electronic anti-money laundering (AML) platform in 2011, and since then has continually developed and refined its technology and to enable clients to accurately identify and verify their customers in just two seconds.

The SmartSearch system makes it virtually impossible for a fraudster to use a fake identity, as it conducts identity checks using a combination of credit reference data and trusted public sources.

Accolades that the Ilkley-based company has received for its innovative work include a Queen’s Award for Enterprise, and it was recently chosen to provide customer verification by Alto, which is part of Zoopla and provides cloud-based software for estate agents.

Share this

See our other popular articles

{{ image_alt:Accountancy-1658225007.jpg }}
{{ image_alt:international.png }}
Whitepaper
Digitalisation and innovation in the accountancy sector
Digitalisation and innovation in financial services - what are they, why are they important and how can you achieve them? Over recent years, but particularly throughout the pandemic, the terms digitalisation and innovation have been used frequently and synonymously, with an underlying assumption that accountancy firms should be doing both. But what are they? Why are they important? And what tools can accountants put in place to protect themselves as they achieve them?
{{ image_alt:istock-1259283903-1641816148.jpg }}
{{ image_alt:international.png }}
Whitepaper
Perpetual Know Your Customer (pKYC) - Why should you move to a dynamic AML program?

Perpetual Know Your Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process. The latest concept within customer due diligence, pKYC is gaining traction because, not only does it offer a much more dynamic and secure risk management solution now but will automatically evolve as clients’ circumstances change thereby reducing risk and the level of period work required by regulated firms, which is why it is fast establishing itself as the future of KYC. 

Sign up to our newsletter to receive news, resources and updates straight into your inbox!

By submitting your email address, you consent to us sending you emails about news, case studies, resources and updates. To find out more, visit our Privacy Policy.